Phillips Petroleum and Ultramar
Cancel Plans for Joint Venture

SAN ANTONIO -- Ultramar Diamond Shamrock Corp. and Phillips Petroleum Co. said late Friday they canceled plans to combine their North American refineries and gasoline stations.

The venture, known as Diamond 66, was to involve all the operating assets of Ultramar Diamond Shamrock and the North American refining, marketing, and transportation operations of Phillips. The two companies signed a letter of intent in October.